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Transgenomic Shares Slump Following Resignation of Board Chairman

Jan 22, 2007
NEW YORK (GenomeWeb News) – Transgenomic shares were down nearly 9 percent in mid-afternoon trading today following the company’s announcement this morning that the chairman of its board of directors, Collin D’Silva, had resigned.
 
Transgenomic shares reached a low of $.65 during the day, down 9.7 percent from their previous close of $.72.
 
D’Silva was a co-founder of Transgenomic and served as president and CEO from 1998 to 2006.
 
D’Silva has also resigned from his position as secretary of the company, though he will remain as director of mergers and acquisitions until at least March 31.
 
Transgenomic board member Gregory Sloma will serve as chairman on an interim basis until a new chairman is appointed. In addition, Craig Tuttle, the company’s current president and CEO, has been elected to the board to fill the vacancy created by D'Silva's resignation, and CFO Debra Schneider has been appointed secretary.

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